Telit says it is blameless in respect of BAMES's demise

In 2010, Telit agreed to acquire from BAMES its entire shareholding in Telit s.r.l., thus bringing to an end the cross-holdings between the two groups

Telit is not formally involved in the criminal legal proceedings surrounding the collapse of BAMES

Telit Communications Plc (LON:TCM) said it would vigorously defend itself should a civil claim be made against the company regarding its involvement with BAMES.

BAMES - or to give it its full name, Bartolini After Market Electronic Services – entered into several agreements with Telit and its Italian subsidiaries (as previously disclosed) between 2007 and 2010.

In 2013, BAMES went into liquidation and some three years later Telit became aware of a criminal investigation against a number of parties with respect to BAMES's insolvency, including Telit's former chief executive officer.

Telit stressed that it was not and is not formally involved in these criminal legal proceedings; however, it has been informed that following a court hearing on July 9, BAMES’s administrators have begun proceedings to bring a civil claim against Telit.

Having taken legal advice, Telit considers that the claim is without merit and intends to vigorously defend its position.

At this early stage it is not possible to quantify any possible liability to Telit, the Internet of Things specialist said.

"On behalf of the business as a whole, I would like to thank Yosi for his contribution to Telit over many years," said chairman, Paolo Dal Pino, who will assume executive duties until a new chief executive can be found

On an unaudited proforma basis, the automotive division generated about US$63.2mln million in revenue with an adjusted EBITDA (excluding allocated overhead costs) of US$10.1mln in the year ended 31 December 2017

Telit is traded in the ISDX Exchange HERE
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